CMB Electrical Bristol Limited - Period Ending 2018-03-31

CMB Electrical Bristol Limited - Period Ending 2018-03-31


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Registration number: 07259504

CMB Electrical Bristol Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

CMB Electrical Bristol Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Financial Statements

5 to 9

 

CMB Electrical Bristol Limited

Company Information

Directors

Mr S Borley

Mr L Chapman

Mr CS Baker

Registered office

Ground Floor
1 Alexandra Gate
Ffordd Pengam
Tremorfa
Cardiff
CF24 2SA

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
CMB Electrical Bristol Limited
for the Year Ended 31 March 2018

As described on the balance sheet you are responsible for the compilation of the accounts for the year ended 31 March 2018, as set out on pages 3 to 9, and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled the unaudited accounts from the accounting records and from information and explanations supplied to us.














HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

15 June 2018

 

CMB Electrical Bristol Limited

(Registration number: 07259504)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Current assets

 

Debtors

5

876,249

462,369

Creditors: Amounts falling due within one year

6

(481,698)

(176,567)

Net assets

 

394,551

285,802

Capital and reserves

 

Called up share capital

8

2,000

2,000

Profit and loss account

392,551

283,802

Total equity

 

394,551

285,802

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 June 2018 and signed on its behalf by:
 

.........................................

Mr S Borley

Director

 

CMB Electrical Bristol Limited

Statement of Changes in Equity for the Year Ended 31 March 2018

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2017

2,000

283,802

285,802

Profit for the year

-

148,749

148,749

Total comprehensive income

-

148,749

148,749

Dividends

-

(40,000)

(40,000)

At 31 March 2018

2,000

392,551

394,551

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2016

2,000

267,393

269,393

Profit for the year

-

56,409

56,409

Total comprehensive income

-

56,409

56,409

Dividends

-

(40,000)

(40,000)

At 31 March 2017

2,000

283,802

285,802

 

CMB Electrical Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company registration number is: 07259504

The company is a private company limited by share capital incorporated in Wales.

The address of its registered office is:
Ground Floor
1 Alexandra Gate
Ffordd Pengam
Tremorfa
Cardiff
CF24 2SA

These financial statements were authorised for issue by the Board on 15 June 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

20% straight line

Motor vehicles

25% straight line

 

CMB Electrical Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

CMB Electrical Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2017 - 10).

4

Tangible assets

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2017

1,229

10,750

11,979

At 31 March 2018

1,229

10,750

11,979

Depreciation

At 1 April 2017

1,229

10,750

11,979

At 31 March 2018

1,229

10,750

11,979

Carrying amount

At 31 March 2018

-

-

-

At 31 March 2017

-

-

-

 

CMB Electrical Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

5

Debtors

Note

2018
£

2017
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

876,249

462,369

6

Creditors

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

7

49,548

49,732

Trade creditors

 

563

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

240,745

-

Taxation and social security

 

157,416

115,572

Corporation tax

 

33,426

10,912

Other creditors

 

-

351

 

481,698

176,567

7

Loans and borrowings

2018
£

2017
£

Current loans and borrowings

Bank overdrafts

49,548

49,732

Other borrowings

Bank overdraft with a carrying amount of £49,548 (2017 - £49,732) .

HSBC has fixed and floating charges over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

 

CMB Electrical Bristol Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary of £1 each

2,000

2,000

2,000

2,000

         

9

Dividends

Interim dividends paid

 

2018
£

2017
£

Interim dividend of £44 per each Ordinary share

40,000.00

40,000.00

     

Dividends were paid on 45% of the total shareholding. The remaining 55% of shareholders waived the right to dividends.

10

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £11,485 (2017 - £nil). This represents the total future minimum lease payments under operating leases.

11

Related party transactions

Summary of transactions with key management

During the year the company paid dividends to the directors totalling £40,000 (2017 - £40,000). The directors also had remuneration during the year totalling £152,393 (2017 - £134,321) and pensions of £12,000 (2017 - £12,000). At the balance sheet date the amount due to the directors was £nil (2017 - £nil)
 

Summary of transactions with other related parties

Relationship: Common director and shareholder
 
During the year the company provided services to its related party companies. The value of these services was £997,158 (2017 - £648,947). The related companies also cross charged management charges amounting to £258,771 (2017 - £120,207) for administration and insurance. At the balance sheet date the amount due from the related party companies was £635,504 (2017 - £462,369).